Tag Archives: Bailout Fail

Greek bank official dismisses ‘haircut’ report as “baseless”

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“Greek leaders have repeatedly dismissed the possibility they will have to ‘bail-in’ depositors to prevent the collapse of the banking system.  But citing bankers and businesspeople with knowledge of the measures, the Financial Times reported: ‘The plans, which call for a ‘haircut’ of at least 30 percent on deposits above 8,000 euros, sketch out an increasingly likely scenario for at least one bank.’  The report quoted a source as saying: ‘It (the haircut) would take place in the context of an overall restructuring of the bank sector once Greece is back in a bailout programme.’ The head of Greece’s Bank Association dismissed the report as ‘completely baseless’.”

http://www.cnbc.com/id/102809199

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Greeks awake to shuttered banks on day after voters reject austerity

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“Greeks awoke Monday to the stark reality of the country’s accelerating crisis — shuttered banks and ATMs with little cash — hours after they voted resoundingly to reject more austerity measures in exchange for another bailout.  The results — 61% voted ‘no,’ compared with 39% for ‘yes’ — left the bankrupt country’s future in the European Union and its euro currency uncertain. Greece entered a second week of severe restrictions on financial transactions and faced the prospect of even limited amounts of cash drying out, with no prospect of an immediate infusion. Greece imposed the restrictions to stem a bank run after the vote was called and its bailout program expired.”

http://www.foxnews.com/world/2015/07/06/greece-enters-uncharted-territory-after-referendum-no-vote/

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Greece defaults on $1.7 billion IMF payment

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“Greece became the first developed country to default to the IMF, an organization of 188 nations that tries to keep the world economy stable.  Greece will now be cut off from access to IMF resources until the payment is made.  The move came hours after the country made a desperate attempt Tuesday to halt its plunge into economic chaos by requesting a new European bailout.  Greece asked for a two-year bailout from Europe, its third in six years.  Greek banks remained shut Tuesday and limits on cash withdrawals were in place as the country tried to stave off financial collapse before the vote. Daily withdrawals are limited to 60 euros, or about $67.”

http://money.cnn.com/2015/06/30/news/economy/greece-imf-default

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Greece Closes Banks and Stock Markets, Introduces Capital Controls

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“The banks in Greece and the Athens Stock Exchange will remain closed until at least July 6, the day after the referendum on the austerity measures demanded by the country’s creditors. In the meantime, cash withdrawals at ATMs will be limited to 60 euros ($66) and transfers abroad will be forbidden. Greece is the second Eurozone country, after Cyprus in 2013, to impose capital controls.  The move is evidently aimed at preventing panicked Greek investors and savers from taking their money out of the nation’s banks and moving it elsewhere. In the days before the predictable stall of the negotiations with Europe, many Greeks rushed to withdraw their money.”

https://bitcoinmagazine.com/21038/greece-closes-banks-stock-markets-introduces-capital-controls/

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Icelanders Protest in Their Thousands as Parliament Sealed Off

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“Icelanders protested in their thousands outside the parliament as police sealed off the building with steel fencing to protect lawmakers trying to finish the winter session and suspend for the summer break.  Police estimate that about 2,000 people gathered outside the Reykjavik-based legislature late on Tuesday, waving banners and demanding that the government step down.  The protest organizers, who arranged the event through Facebook, listed ’99 reasons for a revolution’ to attract people to their cause. The demonstration comes amid demands for pay increases as high as 50% in some industries as unions threaten employers with strikes affecting up to one-third of the labor force.”

http://www.bloomberg.com/news/articles/2015-05-26/icelanders-protest-in-their-thousands-as-parliament-sealed-off

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HSBC economist: “There aren’t enough lifeboats to go around”

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“HSBC economist Stephen King yesterday published a weighty analysis titled ‘the world economy’s titanic problem’ that pointed out that it has been six years since the trough of the last US recession.  ‘If history is any guide, we are probably now closer to the next one,’ he said. Business cycles always turn, and after six years of growth, even at a pedestrian rate, the current recovery is old.  King’s point – which explains the Titanic reference – is that policymakers are out of lifeboats if a recession were to arrive. The US Fed has dealt with past recessions by cutting interest rates by at least five percentage points. That is obviously impossible today because rates are still on the floor.”

http://www.theguardian.com/business/nils-pratley-on-finance/2015/may/13/us-economy-is-signalling-an-iceberg-were-out-of-lifeboats

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Icelanders Demanding Up to 50% Pay Rise Show Crisis Ripples

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“Icelanders representing about one-third of the workforce are demanding pay rises as high as 50 percent in some industries, threatening to cripple the island’s recovery just as policy makers move closer to removing capital controls. The development is unsettling some of the island’s biggest businesses, who say industries will struggle to turn a profit.  Meanwhile, Iceland is struggling to unwind capital controls in place since its biggest banks defaulted on $85 billion in debt almost seven years ago. The central bank on May 13 warned that wage increases could jeopardize the process, which the government had hoped to push forward this year.”

http://www.bloomberg.com/news/articles/2015-05-18/icelanders-demanding-up-to-50-pay-rise-reveal-crisis-ripples

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‘High likelihood’ of Greek capital controls, bank deposit freeze: Moody’s

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“Moody’s Investor Service downgraded its outlook for the Greek banking system to negative from stable, which it said reflected: ‘the significant deterioration in banks’ funding and liquidity since December 2014, with deposit outflows estimated at more than 30 billion euros ($33.3 billion), or 18 percent of total deposits, over the past five months.’  These pressures are unlikely to ease over the next 12-18 months, Moody’s said, ‘and there is a high likelihood that capital controls and a deposit freeze will be imposed.’  The credit ratings agency said the negative outlook also took into account the downward revision of Moody’s 2015-16 GDP (gross domestic product) forecasts for the country.”

http://www.cnbc.com/id/102693901

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Greece demands €278bn WWII reparations from Germany

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“Germany owes Greece no less than €278.7 billion in World War II reparations, Athens said, referring to the destruction wrought upon the nation during the Nazi occupation. The sum exceeds Greece’s total debt of €240 billion to the EU.  The figure was calculated by a parliamentary committee and the Greek supreme court.  In response, Gabriel Sigmar, Germany’s economy minister and vice chancellor, described Greece’s demand as ‘stupid.’ Many Greeks blame Germany, as the country’s biggest creditor, for the tough austerity measures and record high unemployment it faced after getting two international bailouts total worth 240 billion euros.”

http://rt.com/news/247353-greece-germany-reparations-billions/

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Finns Draw Up Plans To Expel Greece From Eurozone

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“Eurozone countries are drawing up secret documents to force Greece out of the single currency, a memo from the Finnish finance ministry has revealed.  Greece will be declared bankrupt next month unless the eurozone agrees to pay aid to the beleaguered country within the next three weeks.  The document warns of ‘very difficult political decisions’ this spring as the left-wing government flirts with Russia over financial assistance rather than continue to call on Germany.  Finland, Germany, Austria, the Netherlands and others are not prepared to release the cash until Greece’s left-wing government legislates on key austerity measures it was elected to oppose.”

http://www.breitbart.com/london/2015/04/10/finns-draw-up-plans-to-expel-greece-from-eurozone-as-tsipras-flirts-with-russia/

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